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 Day Ahead Spot

PXIL got the permission to trade in DAS Market from September 30,2008 (allowed by The Hon’ble Commission) and PXIL started off its operations from October 22, 2008. Under DAS, Members can trade for delivery of electricity for the 24 hours of the next day. Member can bid for each hourly 15 minutes contracts or for block of 15 minutes as suitable. Some salient features of DAS Market are:

  • Day-Ahead auction for all the 24 hours, subdivided into 15 minutes contracts.

    1. Allows simultaneous Buy and Sell bids.
    2. Demand -Supply curves to be formed
    3. Intersection of the two curves is the price for the market (referred as Market Clearing Price [MCP])
    4. Bids matched to be included in the day-ahead schedules

  • Buy trades are settled at or below the quoted price and Sell trades are settled at or above the quoted price, ensuring maximum benefits to both buyers and sellers of electricity.

    1. There is complete anonymity of the bids between members
    2. Congestion management is done through market splitting
    3. Financial settlement and clearing is done by the exchange

Benefits of trading at PXIL
  • Neutral and transparent mechanism giving rise to Better price discovery
  • Complete anonymity of bids among traders
  • Reduces search cost for seller as well as buyer
  • Elimination of credit risk for sellers and buyers
  • Single point check on non-competitive practices, easy surveillance
  • Resources are optimally utilized & availability of power supply increases
  • Electricity’s value in terms of time of the day/season would be signals for capacity addition

For Contract Specification - Refer Annexure IA of the Business Rules for the Physical Market Segment- Click here